This invention relates to trading systems particularly financial trading systems.
Electronic equity markets, such as The Nasdaq Stock Market® collect, aggregate and display trade information to market participants. Market participants initiate trades of securities by sending trade information to the electronic market on which the securities are traded. After trades, the market participant receives confirmation that the initiated trades have been executed then typically within ninety seconds after execution of a particular trade, a trade report is produced so the electronic market can report the executed trade. Since trade reports are sent up to ninety seconds after execution of the respective trade, one or more trade reports may be received by the electronic market as much as ninety seconds after the end of the trading session in which the trades were executed. Typically the last trade report received for an executed trade is passively used to calculate the closing price of the respective security. However, in some instances this last trade report may not appropriately represent the value of the security at the end of the trading session.